Written by Gary
18% of EV drivers in California moveback to gasoline (SPY +0.3%). A 10% drop looming for the SP 500. Nasdaq under pressure after weaker-than-expected ISM manufacturing data.
Here is the current market situation from CNN Money | |
 | North and South American markets finished mixed as of the most recent closing prices. The Bovespa gained 1.21%, while the IPC led the S&P 500 lower. They fell 1.14% and 0.06% respectively. |
What Is Moving the Markets
| Here are the headlines moving the markets. | |
| Oil Turns Higher As EU Looks To Welcome Vaccinated TouristsOil prices recouped earlier losses and were rising by more than 1 percent on Monday morning, after the European Union unveiled a plan to open its borders to vaccinated tourists, giving more hope to oil bulls that economies and oil demand are set for a rebound in the summer months. As of 10:28 a.m. EDT on Monday, WTI Crude was trading up 1.46 percent at $64.47, and Brent Crude prices had risen by 1.26 percent at $67.57. Oil prices erased earlier losses in Asian trade, which had reflected the still critical situation with the coronavirus in |
| 18% Of EV Drivers In California Switched Back To Gasoline CarsClose to a fifth of all EV drivers in California have switched back to gasoline cars because charging their electric cars was a hassle, according to a new study bound to send ripples across an industry that has plans for market domination. The study from the University of California, published in Nature Energy, looked at drivers who bought EVs between 2012 and 2018 and found that 18 percent of battery electric vehicle buyers switched back to gasoline-powered cars, as did 20 percent of plug-in hybrid buyers. The main problem cited by respondents |
| Russia Boosted Oil Production In AprilRussia produced 10.46 million bpd last month, up by 1.9 percent on March as OPEC+ relaxed its production cuts, Bloomberg reports, citing data from Russia’s Energy Ministry. Russia’s production quota had been upped twice before April, by 65,000 bpd in February and March. It was then relaxed by 130,000 bpd for April. From this month to July, Russia will further increase its output by 114,000 bpd, according to Deputy Prime Minister Alexander Novak. OPEC+ in total will increase its oil production by 2 million barrels daily between May and July, signaling |
| China Gas Demand Set To AccelerateChinas domestic natural gas demand is set to grow faster this year, gaining 10 percent, Argus reports, citing state-owned energy majors PetroChina and Sinopec. A senior PetroChina gas executive said demand for natural gas will be driven by the utility sector as gas-fired power plants ramp up production to back up intermittent solar and wind capacity. According to the executive, the countrys demand for natural gas will hit 350-356 billion cubic meters this year. Sinopec has almost identical numbers, expecting gas demand at 350-360 |
| Indias Oil Imports From OPEC Slump To 20-Year LowThe share of Indias oil imports from OPEC dropped to their lowest in at least 20 years in the fiscal year ended March 2021 as the worlds third-largest oil importer saw total imports drop and sought to diversify its oil suppliers, according to industry and trade obtained by Reuters. In the 2020/2021 fiscal year, Indias overall oil imports fell by nearly 12 percent compared to the previous fiscal year and averaged around 3.97 million barrels per day (bpd), according to the trade and industry data cited by Reuters. Of all those |
| Africas Most Interesting Untapped Oil PlayWhen writing the article on this years Top Oil Wildcats, one of the hottest candidates had to be dropped out of the list. Not because the prospect turned out to be sub-commercial, far from it, it remains one of Africas most interesting untapped plays, potentially opening up a new country with no previous exposure to the world of energy. As Senegal and Mauritania started to break their way onto the energy maps of Western Africa, Guinea Bissau has remained a relative outlier. At the same time it needs to be pointed out that lack of |
| Ford and BMW lead $130 million round in EV battery start-up Solid PowerSolid-state batteries don’t use the liquid electrolyte found in lithium-ion batteries for today’s EVs. They can be lighter and provide more range at less cost. |
| Major drugstore chains offer same-day Covid vaccines as eligibility increases and immunization pace slowsThe drugstore chains are also expanding community clinics and signing deals with employers to reach Americans who may be busy or hesitant. |
| One of NYC’s – and the World’s – Top Restaurants to Go Totally Meat-FreeEleven Madison Park will reopen its main dining room June 10 with a menu that’s entirely plant-based, NBC New York reports. |
| 2 in 5 American adults fully vaccinated as daily average of new Covid cases falls below 50,000About 2 in 5 American adults are now fully vaccinated as the daily average of new Covid cases falls below 50,000 for the first time since October. |
| Demand is outpacing supply of new vehicles – why that’s bad for shoppers but good for investorsFor consumers, the shortage of new vehicles has meant higher prices and fewer choices. But for automakers and dealers, it has meant bigger profits. |
| Dr. Scott Gottlieb: Here’s why it’s important even for young Americans to get a second Covid shot“If you really want to get a durable effect from the vaccine, you really should get the second dose,” former FDA chief Dr. Scott Gottlieb said. |
| India accounts for 1 in 3 new Covid cases being recorded. Here is its second wave in 5 chartsNearly 7 million cases were reported for April, according to data from Johns Hopkins University. |
| UNICEF chief urges the world to help India ‘now’ as Covid cases soarAsked if she had a message for global leaders today, UNICEF Executive Director Henrietta Fore said: “Well, help us now.” |
| Manchester United vs Liverpool postponed after anti-Glazer fan protests at Old TraffordManchester United’s Premier League game against Liverpool at Old Trafford has been postponed following protests against the Glazer family. |
| Audiences for award shows are in steep decline. This chart shows how far viewership has fallenAre people becoming bored with big award ceremonies or are they just watching them differently? |
| Politics, inflation pinch as small business confidence rises slower than markets, economySmall business owners see economic improvement coming, but politics, inflation, and taxes are weighing on Main Street confidence. |
| How to get Target, Whole Foods to buy your million-dollar idea, from entrepreneurs who won dealsA diverse set of entrepreneurs who succeeded in getting products into retail chains provide lessons they learned about negotiating with corporate giants. |
| Taliban Declares Open Season On Americans As Weekend Fighting Erupts, Scores Dead & WoundedTaliban Declares Open Season On Americans As Weekend Fighting Erupts, Scores Dead & Wounded Fierce fighting between US-allied national Afghan forces and the Taliban broke out Saturday into Sunday, the day after the May 1st American pullout deadline set under the Trump administration. It included the Taliban immediately attacking a government base in southwestern Ghazni province. Afghanistan’s defense ministry counted over 100 Taliban insurgents killed over the prior 24 hours in a statement on Sunday, at a moment the US is said to have started the process of withdrawal. The statement counted a further 52 Taliban wounded. Separately an attack on the Ghazni military outpost left at least 17 national soldiers dead and some 25 captured, according to international reports. And elsewhere in the country “Afghan officials Saturday raised the death toll to at least 30 from an overnight truck bombing in Pul-e-Alam, the capital of eastern Logar province,” |
| Peter Schiff: The Fed Cheats To Avoid Getting An ‘F’ On The EconomyPeter Schiff: The Fed Cheats To Avoid Getting An ‘F’ On The Economy Via SchiffGold.com, A lot of the economic data that came out last week looked pretty good. GDP growth came in big in the first quarter. Personal income rose by a record amount in March. The mainstream spun it all as positive, raving as if the economy is earning an ‘A.’
But in his podcast, Peter Schiff argues that the only reason the economy isn’t getting an F is because the Federal Reserve is cheating on the test. Dallas Federal Reserve President Robert Kaplan made some comments Friday that were widely viewed as somewhat hawkish … |
| 4 Dead, 25 Injured After Smuggling Boat Capsizes Near San DiegoÂ4 Dead, 25 Injured After Smuggling Boat Capsizes Near San Diego A vessel off the coast of San Diego broke apart Sunday, killing four and injuring dozens. Authorities suspect the ship was involved in a human smuggling operation, according to NPR. “Twenty-nine people have reportedly been accounted for, consisting of twenty-four people alive, four people declared deceased by local emergency medical services personnel and one person who was last reported to be in critical condition,” according to the U.S. Coast Guard statement issued late Sunday night. The incident occurred around 1030 PST Sunday. Dozens of rescue crews responded to the 200 block of Catalina Boulevard, near the Cabrillo National Monument. When first responders arrived at the scene, the forty-foot cabin cruiser was broken apart from heavy seas. |
| Gold Is Laughing At PowellGold Is Laughing At Powell Authored by Matthew Piepenburg via GoldSwitzerland.com, Recently, my colleague, Egon von Greyerz, and I had some unabashed yet blunt fun calling out the staggering levels of open hypocrisy and policy desperation unleashed by former Fed Chairman, Alan Greenspan. Poor Alan was an easy target of what I described as the œpatient zero  of the reckless interest rate suppression and unbridled monetary expansion policies of the Fed which have always led to equally reckless boom and bust cycles in markets and economies. But let us be fair to comical Fed Chairmen like Greenspan, as he is not alone in making a mockery of his post at the Eccles Building. With the exception of Paul Volker and William Martin, the sad truth is that nearly every person who has sat in that lead Chair of a private bank masquerading as a œFederal reserve has made the bank, and themselves, a public embarrassment. As the legendary private investor Jim Rogers recently observed on Kitco news, almost all central bankers effectively lie and obfuscate facts as part of their job description (and job preservation) at the Fed. A Central Banker’s Job Description For the most part, over-hyped Fed Chairs know how to run up debt levels and create lots of money to appear œaccommodative to … |
| Yahoo sold again in new bid to revive its fortunesThe internet trailblazer is sold as part of a $5bn deal that includes another pioneer, AOL. |
| Covid: Some foreign travel opening on 17 May – Boris JohnsonMore details will come soon about foreign holidays but we have to be cautious, Boris Johnson says. |
| Vodafone using Google’s cloud and AI to retain customersTelcos are increasingly turning to machine learning, cloud and data analytics to boost revenues. |
| PNB Housing Fin yet to detail timeline for proposed Rs 1,800-cr equity raising plan“I would not be able to comment on the large shareholders, or any of the entities who would like to come about in terms of the capital raise and what would happen,” chief executive Hardayal Prasad told analysts during a customary earnings call last week. |
| India Pesticides, KIMS get Sebi’s go-ahead to launch IPOsThe two companies filed their preliminary papers with the Securities and Exchange Board of India (Sebi) in February. |
| Buffett says Greg Abel is his likely successor at BerkshireSuccession decisions had been a closely guarded secret at the conglomerate, even while the firm assured investors that it had a detailed plan in place. |
| Deep Dive: Have you held any of these 20 stocks long term? Your current dividend yield might surprise youA combination of a rising payout and stock price makes for a bigger number than investors may realize. |
| MarketWatch Premium: If you think inflation poses a long-term threat, you might want to make these portfolio moves nowShift bond exposure, add gold and other commodities, and look for dividend increases in the stock market. |
| NewsWatch: A 10% drop or at least a pause could be looming for the S&P 500. Take shelter in these sectors, says veteran strategistSell in May and go away? How about ‘curb your enthusiasm,’ says our call of the day from Stifel. |
Camp Antonik handover ceremony, via Afghan Ministry of Defense
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